Gaudy loud tie (5)
I believe the answer is:
flash
'gaudy' is the definition.
('flash' can be a synonym of 'gaudy')
'loud tie' is the wordplay.
'loud' becomes 'f' (A musical term).
'tie' becomes 'lash' (lashing is a kind of tiing).
'f'+'lash'='FLASH'
(Other definitions for flash that I've seen before include "Instant" , "Briefly shine, short flood" , "short space of time" , "Conspicuously display" , "Momentary brightness" .)